RCom, Mahindra Satyam may see action.

Telecom tribunal TDSAT late Wednesday, 8 July 2009 dismissed a petition by Anil Ambani group firm Reliance Communications (RCom) seeking a clarification on its judgment on allocation of additional spectrum and dual technology regime. In its application, RCom, which has been allocated a start-up spectrum of 4.4 Mhz in all circles for GSM services, sought clarification that the TDSAT order is not a bar on geeting 6.2 MHz of spectrum.

Mahindra Satyam, formerly Satyam Computer Services, has announced that it had received approval from the Company Law Board to issue 19.86 crore shares of Rs 2 at a premium of Rs 56 to Venturbay Consultants Pvt. Ltd., a subsidiary of Tech Mahindra, on a preferential basis.

Tech Mahindra was allotted 31% equity shares of Satyam earlier at Rs 1,756 crore and Venturbay announced a public offer to take the balance 20% from the open market. However, the open offer failed to evoke response from subscribers with only 4.21 lakh shares including 2.69 lakh underlying American Depository Shares were validly tendered, representing less than 0.1% of the outstanding equity shares.


Previous Stories:

* RCom flares up on foreign tie-up talks (22-Jun 10:58)
* RCom rings on fund raising plan (1-Jun 10:57)
* RCom rings on shareholders' nod for demerger of optic fiber biz (27-May 10:16)
* Reliance Communications' equity shareholders approves scheme of arrangement (26-May 16:12)
* RCom bucks weak market on strong outlook (21-May 15:10)
* Reliance Communication rings on higher FY 2009 net profit (4-May 10:38)
* Reliance Communication net profit rises 122.86% in the March 2009 quarter (Results - Announcements 30-Apr 17:48)
* Reliance Communications' equity shareholders to approve scheme of arrangement (28-Apr 09:59)

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